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Subsequent Events
12 Months Ended
Oct. 28, 2012
Subsequent Events [Abstract]  
Subsequent Events

NOTE 18: Subsequent Events

Short-Term Borrowings

On January 25, 2013, the Short-Term Credit Facility was amended primarily to extend the expiration date to March 31, 2015, increase the borrowing amount available to $45 million, remove the financial ratio covenants, increase the amount that may be used for letters of credit to $25 million, and require minimum liquidity of $15 million in unrestricted cash or Short-Term Financing Program borrowing availability. The amendment also removed certain limitations previously placed on incurring additional indebtedness, the level of annual capital expenditures, the amount of investments, including business acquisitions and mergers, and the amount of loans that may be made by the Company to its subsidiaries.

On April 29, 2013, the credit available under the Short-Term Financing Program was increased to $200 million from $150 million.

On August 29, 2013, the benchmark interest rate for which interest is charged on the sale of receivables was changed from the commercial paper rate to LIBOR.

As of October 18, 2013, the amounts outstanding under the Short-Term Financing Program and Short-Term Credit Facility were $150.0 million and $22.4 million, respectively.

Settlement of SEC Investigation

On January 10, 2013, the Company announced that it has reached an agreement with the SEC to settle issues regarding the SEC’s investigation of certain accounting matters. The Company did not admit or deny the SEC’s allegations and consented to a judgment requiring compliance with federal securities laws. Under the terms of the settlement, which was approved by the United States District Court for the Southern District of New York on January 18, 2013, the Company was not required to pay any monetary penalty.

Departure of Executive Officers

In December 2012, Thomas Daley, Senior Vice President of the Company, retired from his position. The Company and Mr. Daley entered into a retirement agreement under which Mr. Daley received $0.3 million.

On September 27, 2013, Steven A. Shaw resigned as a member of the Board of Directors of Volt Information Sciences, Inc.